The following graph approximates business cycles in the United States from the first quarter of 1955 to the third quarter of 1959. The vertical blue bar coincides with a period of six or more months of declining real gross domestic product (real GDP). Notice that real GDP trends upward over time but experiences ups and downs in the short run. A period of declining real GDP, such as the blue-shaded period in 1957, is known as ________ (options: a recession, a business cycle, an expansion) True or False: Short-term fluctuations in real GDP are irregular and unpredictable. Which of the following probably occurred as the U.S. economy experienced increasing real GDP in 1958? Check all that apply. A. Industrial production declined. B. Consumer spending increased. C. The unemployment rate declined.
The following graph approximates business cycles in the United States from the first quarter of 1955 to the third quarter of 1959. The vertical blue bar coincides with a period of six or more months of declining real gross domestic product (real GDP). Notice that real GDP trends upward over time but experiences ups and downs in the short run. A period of declining real GDP, such as the blue-shaded period in 1957, is known as ________ (options: a recession, a business cycle, an expansion) True or False: Short-term fluctuations in real GDP are irregular and unpredictable. Which of the following probably occurred as the U.S. economy experienced increasing real GDP in 1958? Check all that apply. A. Industrial production declined. B. Consumer spending increased. C. The unemployment rate declined.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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The following graph approximates business cycles in the United States from the first quarter of 1955 to the third quarter of 1959. The vertical blue bar coincides with a period of six or more months of declining real gross domestic product (real GDP).
Notice that real GDP trends upward over time but experiences ups and downs in the short run. A period of declining real GDP, such as the blue-shaded period in 1957, is known as ________ (options: a recession, a business cycle, an expansion)
True or False: Short-term fluctuations in real GDP are irregular and unpredictable.
Which of the following probably occurred as the U.S. economy experienced increasing real GDP in 1958? Check all that apply.
A. Industrial production declined.
B. Consumer spending increased.
C. Theunemployment rate declined.
D. Home sales declined.
A. Industrial production declined.
B. Consumer spending increased.
C. The
D. Home sales declined.
Transcribed Image Text:3100
3000
2900
2800
2700
2600
1955
1956
1957
1958
1959
YEAR
REAL GDP (Billions of dollars)
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